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FG generates N311.94bn from VAT in Q2, 2019 –NBS

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The Federal Government has generated N311.94 billion from Value Added Tax (VAT) in the second quarter of 2019, the National Bureau of Statistics (NBS) has said.

It said this in its Sectoral Distribution of VAT, Quarter Two obtained from its website on Tuesday in Abuja.

According to the report, the figure is higher than the N289.

04 billion generated in Quarter One and N269.
79 billion generated in Quarter Two, 2018 representing 7.92 per cent increase quarter-on-quarter and 16.95 per cent increase year-on-year.

It also said that the manufacturing sector generated the highest amount of VAT, with N34.43 billion generated and closely followed by professional services generating N29.

58 billion.

The report said that commercial and trading generated N16.27 billion while mining generated the least of N50.60 million.

It added that pharmaceutical, soaps and toiletries and textile generated N250.09 million, while the garment industry generated N316.91 million.

“Out of the total amount generated in Quarter Two, 2019, N151.56 billion was generated as Non-Import VAT locally, while N94.90 billion was generated as Non-Import VAT for foreign.

“The balance of N65.48 billion was generated as Nigeria Customs Service-Import VAT,” it said.

The report said data was provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS.  

“The balance of N65.48 billion was generated as Nigeria Customs Service-Import VAT,” it said. The report said data was provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS.”

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Road Accidents Claim 4,000 Lives in Eight Months, Says FRSC

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By Elijah Oguche, Abuja

The Federal Road Safety Corps has said that 3,915 persons lost their lives in 7,715 road crashes recorded across the country between January and September 2025.The Corps also disclosed that 24,674 people sustained varying degrees of injuries within the same period.

The Corps Marshal of the FRSC, Shehu Mohammed, made this known yesterday at the National Town Hall Meeting and Ember Months Road Safety Campaign flag-off with the theme “Take Responsibility for Your Safety; Stop Distracted Driving,” held in Port Harcourt, Rivers State.
Mohammed said the statistics indicated an increase in both road crashes and fatalities compared to figures recorded in 2024.He revealed that within the same period, Rivers State recorded 15 deaths and 51 injuries in 47 road crashes, noting that this represented a reduction compared to the 2024 record.
He said, “Crash statistics recorded between January and September 2025 nationwide showed that a total of 7,715 road traffic crashes occurred, representing a 10.04 per cent rise compared to 7,011 crashes recorded within the same period in 2024. Again, 24,674 persons sustained varying degrees of injuries, compared to 22,373 injured in 2024.“This also reflects a 10.28 per cent increase. Also, 3,915 persons were killed in 2025 as against 3,811 in 2024, indicating an increase of 11.55 per cent.“However, in Rivers State, within the same period, 15 persons were killed and 51 were injured in 47 reported road crashes. When compared to the 2024 record, these figures represent a 35.7 per cent decrease in fatalities and a 37.5 per cent decrease in road crash-related injuries.”Mohammed said the improved figures in Rivers State reflected better emergency response and increased road safety awareness.“In comparison, the national road crash records during the period under review are an alarming reminder that road crashes can destroy families, weaken communities, and impose severe socio-economic burdens on our nation.“I therefore call on every road user to demonstrate caution, discipline, and vigilance while on the highways,” he added.The Corps Marshal explained that the decision to flag off this year’s Ember Months Campaign in Rivers State was deliberate, given the state’s status as one of the busiest transportation hubs in Nigeria.He stated that the FRSC had strengthened its proactive interventions, advanced its operations, expanded public enlightenment campaigns, and deployed technology in road safety management.He added that in preparation for the expected traffic surge during the season, the FRSC had commenced implementing its programme outline for safe and secure road transportation during the Ember Months.In his keynote address before flagging off the campaign, Rivers State Governor, Siminialayi Fubara, warned motorists and boat operators to be more vigilant and avoid speeding during the festive period.Fubara, who was represented by the Secretary to the State Government, Benibo Anabraba, urged the National Union of Road Transport Workers and the Maritime Workers Union to sensitise their members against vices such as speeding, drink-driving, negligence, and other unsafe driving behaviours.The governor noted that despite the state government’s investment in quality road infrastructure, crashes have persisted due largely to drivers’ poor attitudes.

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Nigeria ’ll Defeat Terrorism, Build Stronger Partnerships, Tinubu Vows

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By David Torough, Abuja

President Bola Tinubu has reaffirmed his administration’s commitment to defeating terrorism and strengthening diplomatic ties with Nigeria’s global partners.

“We are engaging the world diplomatically, and we assure all of you that we will defeat terrorism.

The task ahead is to move forward with clarity of purpose guided by the Renewed Hope agenda to build a prosperous Nigeria,” the President declared just before the Federal Executive Council entered a closed-door session on Thursday.

The meeting, held yesterday at the Council Chamber of the Aso Rock Villa, Abuja, is the first gathering of the council since July.

His remarks come days after U.S. President, Donald Trump designated Nigeria as a ‘Country of Particular Concern,’ a move the Federal Government has described as a misrepresentation of the nation’s security situation.

In his first public comments on the matter, Tinubu said his government is engaging the international community to advance security, stability and economic growth.

“Despite political headwinds and fears, we will continue to engage with our partners.

“The success of the $2.3bn Eurobond, which was oversubscribed, is a sign of confidence in our economy.

“The task ahead is immense, but we are resolved to move forward with unity and purpose,” he said.

The president also assured Nigerians that the country remains united and resolute in its pursuit of peace and prosperity.

Tinubu commended members of his cabinet for their commitment to his Renewed Hope Agenda, emphasising the need for unity and focus in implementing government reforms.

Meanwhile,the House of Representatives on Thursday commenced an investigation into all security intervention funds disbursed by the Federal Government from 2020 to date, promising to be guided by transparency and accountability in examining how resources allocated for the protection of lives and property have been managed.

The Chairman of the Ad Hoc Committee on the Expenditure of All Intervention Funds on Security, Zakaria Nyampa, disclosed this during the inauguration of the committee at the National Assembly Complex, Abuja.

The Adamawa lawmaker said the probe was necessitated by the widening gap between the huge budgetary allocations to the security sector and the continuing wave of insecurity across the country.

“This is not a witch-hunt. Our duty is to ensure that every naira released for security serves its purpose to safeguard lives and property,” he said.

Nyampa explained that the probe would cover all intervention heads, special allocations, and procurement processes undertaken by beneficiary agencies.

The committee, he added, would also assess the impact of the spending on security outcomes nationwide.

“We are determined to follow the money with diligence, objectivity, and patriotism,” he said.

To ensure credibility and openness, the committee pledged to collaborate with the Ministry of Finance, the Budget Office, the Office of the National Security Adviser, defence and police authorities, as well as anti-graft agencies, to expose any shady transactions.

He further noted that the mismanagement of funds meant for security has grave consequences for national stability.

“When money meant to secure our nation is diverted, the cost is not just in naira and kobo—it’s in human lives. We owe it to Nigerians to get this right,” he said, assuring all that the committee’s report would help strengthen security governance and restore public trust.

The Speaker of the House of Representatives, Tajudeen Abbas, reaffirmed the House’s commitment to accountability, probity, and proper utilisation of all security intervention funds.

Abbas, represented by the Deputy Chief Whip, Ibrahim Isiaka, said the creation of the committee demonstrated the House’s unwavering resolve to ensure transparency in matters of national security.

He urged the committee members to uphold accountability, effectiveness, and fairness—values which, he said, are the core principles of the House of Representatives.

The Speaker commended Nyampa for accepting to lead the assignment with integrity and urged the committee to discharge its duties diligently.

Nigeria’s persistent security challenges—including insurgency, banditry, terrorism, and communal conflicts—have compelled successive governments to create special financial mechanisms known as security intervention funds. These funds are designed to provide swift financial responses to security emergencies and to support infrastructure projects that enhance safety nationwide.

The initiative gained prominence as part of federal efforts to complement regular budgetary allocations to security agencies and state governments. In recent years, the Federal Government has disbursed substantial sums to states and the Federal Capital Territory under the Infrastructure and Security Intervention Fund.

Between March 2024 and May 2025 alone, approximately ₦1.6 trillion was released to states from non-oil revenue savings. The fund was intended to strengthen internal security, improve public infrastructure, and cushion fiscal pressures following the removal of fuel subsidies.

In addition to federal disbursements, state governments also maintain security votes—monthly allocations meant to address state-level security concerns. These funds, however, have long been criticised for lacking transparency and accountability, as their utilisation often falls outside legislative oversight.

Despite the huge financial commitments, there are widespread concerns that the intervention funds have not significantly improved security outcomes.

Observers argue that misuse, poor coordination, and weak monitoring mechanisms have hindered their effectiveness. Civil society organisations have repeatedly called for greater transparency and clearer guidelines to ensure that the funds achieve their intended purpose.

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Nigeria Raises $2.35bn Eurobond as Investors Place Record $13bn Orders

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By Tony Obiechina, Abuja

Nigeria has successfully raised $2.35 billion from the international capital market through the issuance of Eurobonds, attracting an unprecedented $13 billion in orders from global investors — the largest orderbook in the nation’s history.

According to a statement by the Debt Management Office (DMO), the Federal Republic of Nigeria priced $1.
25 billion in 10-year bonds due 2036 and $1.
10 billion in 20-year bonds due 2046. The instruments were priced at coupon rates of 8.63 per cent and 9.13 per cent respectively.The Eurobond issuance drew strong demand from a diverse mix of investors across the United Kingdom, North America, Europe, Asia, the Middle East, and Nigeria, reflecting renewed global confidence in the country’s economic management and reform efforts.
President Bola Ahmed Tinubu, reacting to the successful issuance, described the outcome as “a reaffirmation of Nigeria’s credibility in the global capital market and the strength of our reform agenda.”The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the strong subscription demonstrated the international community’s confidence in Nigeria’s economic direction and its commitment to sustainable and inclusive growth.DMO Director General, Patience Oniha, noted that Nigeria’s return to the Eurobond market was a major achievement, enabling the government to secure long-term funding to drive growth and development, while diversifying funding sources.The proceeds from the Eurobond sale will be used to finance the 2025 fiscal deficit and meet other government financing needs. The Notes will be listed on the London Stock Exchange, FMDQ Securities Exchange Limited, and the Nigerian Exchange Limited.Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank acted as Joint Bookrunners, while FSDH Merchant Bank Limited served as Financial Adviser on the transaction.

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